💸 The U.S. Budget Deficit Is Back on the Rise

What we’re showing

This graphic visualizes the size of the federal budget deficit over the past 5 years.

Key takeaway

The annual deficit has remained above $1 trillion since the onset of the COVID-19 pandemic, with FY2023 showing a slight uptick from FY2022.

Context

• Government revenues fell by 9% compared to FY2022.
• Net interest payments grew by $177 billion (33%) in FY2023, largely due to rising interest rates and growing government debts.